07/23/2012

Competition in Business: A Lesson Learned

Being a business owner involves more than a financial risk. It means developing a deep and committed relationship with your business. It is that relationship in which an entrepreneur will invest their money, their dreams, and the majority of their time. It is that relationship that family and friends will often learn unfortunately comes before much else in the entrepreneur’s life.

No matter how I try and balance that relationship in my life to not let it consume me I often come up exhausted, stressed, and bewildered at how all-consuming it can truly become for me. I am not ashamed to say that there have been times when I have basked gleefully at my own accomplishments and at other times, and much too often, I have stood alone wondering how my emotions and dedication have taken the best of me.

I have been a consuming and jealous business owner. I have awakened to the thoughts of my business and laid my head weary on my pillow with thoughts of it at the end of the day with little else gaining my attention in between. I have done it for the life and growth of my business as well as the financial well-being of my family – and those two things are deeply entwined.

As I take each step I learn more about myself as well as what it takes to truly be a successful business owner. Some of those lessons are harder learned than others and I wish I were less likely to fight change and the lessons and could embrace them quicker and learn from them much sooner. I’m trying to do that more. The latest lesson I learned is that competition can bring out the worse in a business owner. It can bring out all kinds of emotions that have their roots embedded in nothing more than fear – fear that all they have gone through has been for naught and that there could be loss involved. The greater the sacrifices to get to where they are or the longer the journey then the more likely the deeper the fear will be when facing competition. No matter the emotion or behavior that surfaces - the roots lie deep in fear and are fed by it.

For a long while I have let that fear, no matter how misplaced or misunderstood, bring out reactions, decisions, and stress that should have never been a part of my experienced behavior. I never said I was a fast learner – only that I eventually do learn. It is in this area that I saw the lesson more clearly and I did so just recently.

When competition comes along I realize that it is the opportunity not to put energy into fighting it but in climbing to be better. Competition should bring out the best in someone whether that is an athlete on the court or on the field and it should bring out the best of an entrepreneur when it comes to business. It should make someone draw down deep past the fear and find that dream and dedication that set them on the path in the first place. In the best of situations, businesses that compete for customers make each other better and those that are local businesses stand up together for the community. There is a place for all of us and competition should bring out the best in a business and definitely not the worst of the business owner.

I got past the fear last week. It took a few tears and some deep breaths and even deeper exhaling and then I got it. I really got it. I realized that there is always going to be competition and eventually a business has competition from the established businesses as well as the new ones coming to town. It is a part of growth. I also "got it" that this is my moment of growth to make sure that competition brings out the best in me and that it keeps me focused on what I truly want EBK Beauty to be for Jacksonville.

Being a business owner involves more than the risks that are obvious such as financial, time, and sacrifice, it involves looking at where you need to change so you can offer the best of yourself and your business to those that are your customers now and in the future. It was a hard lesson learned but I have embraced it and am not only a better business owner for it but a better woman as well.

Here’s to me focusing even more on what I can do to make you and the world more confident and beautiful…